[Ok-sus] INcreases in oil prices responsible for more than half of food price increases over the past decade

Bob Waldrop bwaldrop1952 at att.net
Mon Jun 10 13:31:43 UTC 2013


 From the Oklahoma Farm Report, a summary story and a link to the full 
report.

We (the peak oil community) have been noting that "food = oil" for a 
long time.  Mostly we are ignored when we talk like that.  But  the 
World Bank agrees.

Got a local food system?  The Oklahoma Food Coop order is open till this 
Thursday at midnight.

-- 
Bob Waldrop, Oklahoma City
http://www.ipermie.net How to permaculture your urban lifestyle

According to a recent study by the World Bank, crude oil prices bear the lion's share of responsibility for most of past decade's jump in food prices. Oil prices, not stocks to-use, exchange rates, interest rates or income, were the most important driver of food prices since 2004-a time period where dramatic and devastating spikes in global food prices occurred, and one that also coincides with record profits for the oil industry.

Following the release of this new study, Growth Energy CEO Tom Buis said: "Not only has the oil industry been responsible for the sky-rocketing gas prices each time you fill up your car, now it turns out they are responsible for the price increases you face at the grocery store. While they enjoy record profits, populations around the world suffer at their expense and struggle to pay for the basic staples of life.

"The World Bank found that crude oil is responsible for more than half of the increase in food prices. Couple that with the nearly 100 percent increase in domestic gas prices over the same time frame, and the cost of oil has truly affected the well-being of all Americans in a very expensive way."

Full report at*http://tinyurl.com/kysbwv5 .

*

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